Title Taiwan Liposome (4152 TT, BUY): JUN 10, 2013
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Title:Taiwan Liposome (4152 TT, BUY): JUN 10, 2013
Download File:4152 TT Taiwan Liposome equity report 130610--sinopac.pdf 
Summary:Taiwan Liposome Company (4152 TT, Biotech): BUY

[Translated from Retail Research report published on JUN 10]

Niche biotech firm specialized in lipid-based DDS

?Company profile: Taiwan Liposome Company (TLC) is a niche bio-design firm focused on research, development and commercialization of pharmaceutical products using its proprietary drug delivery systems (DDS) and platforms.

?Operating model built on technology platforms, new drug development

?Focus on niche super generics/new formulations lowers risk

?Stable cash flow from royalties, product development fees

?Product line diversification bodes well for future growth: TLC uses its platform technology and liposomal technology development as a springboard for speedy new product development. In 2013, TLC added 3 new formulation products to its pipeline (TLC599, TLC198, and TLC178). By maintaining a robust pipeline, TLC reduces the risk from any single drug. And given the high entry barriers and TLC’s proprietary DDS platforms, we think most of TLC’s pipeline will generate future sales growth for the company

BUY with TP at NT$350 (DCF)—diversified product lines, long-term profit potential

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